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Jul 20, 2011
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grandparents, mothers and fathers who are back here in this country while on the front lines of iraq and afghanistan. today we just voted h.r. 2650 to, in fact, establish a club of losers for these patriots who have served their country. what a shame. what a shame. i yield back. the speaker pro tempore: for what purpose does the gentleman from louisiana rise? without objection. mr. scalise: mr. speaker, the house finally passed a real plan that addresses this nation's spending crisis. i think many american families know that washington has a spending problem because they have been living within their means. they have wen been trying to figure out to do what what they've got. and we passed a plan that actually would cut, cap and balance and controls spending in washington. and what's the president's plan? we have still yet to hear his plan. we hear speeches and class warfare where the president puts one part of america against the other. if he confiscated every dollar, it wouldn't address the problem. it's time to get real. if the president wants to get serious about addressing the spending problems,
grandparents, mothers and fathers who are back here in this country while on the front lines of iraq and afghanistan. today we just voted h.r. 2650 to, in fact, establish a club of losers for these patriots who have served their country. what a shame. what a shame. i yield back. the speaker pro tempore: for what purpose does the gentleman from louisiana rise? without objection. mr. scalise: mr. speaker, the house finally passed a real plan that addresses this nation's spending crisis. i think...
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Jul 20, 2011
07/11
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. -- in iraq and afghanistan. host: why did they see this as an area that need to be filled? guest: the problem has been wrapped up in the general difficulties. it turns out a lot of homes have gone into -- a lot of people have gone into default of mortgages. some companies are better than others at collecting monthly payments and keeping track of paperwork. the ones have proved not to be so good at it have caught service members in the riptide. we have not gotten your payment, we over charge them. foreclosure. that sort of thing going on. this has been a politically embarrassing process of writing wrongs done against members of the military in active duty. host: gym as white as a deployed serviceman and against paying his mortgage -- jim asked why a deployed servicemen against paying his mortgage? guest: he is not exempt against paying his mortgage. is exempt against being foreclosed on. as it has been explained to me, a service member might be in the field for a week or two and have virtually no contact with the
. -- in iraq and afghanistan. host: why did they see this as an area that need to be filled? guest: the problem has been wrapped up in the general difficulties. it turns out a lot of homes have gone into -- a lot of people have gone into default of mortgages. some companies are better than others at collecting monthly payments and keeping track of paperwork. the ones have proved not to be so good at it have caught service members in the riptide. we have not gotten your payment, we over charge...
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Jul 20, 2011
07/11
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so the iraq war and the afghanistan war. the other thing is this downturn in the economy. the downturn in the economy occurred in 2008. how did it happen, why did we have that crash of the american economy? we had it because the federal government stepped back from regulating the financial institutions, allowing them to run wild, assuming that they would be smart enough to regulate themselves. that didn't happen. they were smart enough to be extraordinarily greedy. wall street went on a greed binge and the result was the collapse of the financial industry. needless to say there were other players in this game and many americans, hundreds of thousands of americans joined in the game and took out mortgages, bought house that there was no way they could possibly afford. the financial industry, the mortgage industry and wall street bankers and we wound up with the great collapse of 2008. to deal with that the bailout of wall street occurred, most of that has now been paid back. it worked. did it work for the benefit of americans? well, it stabilized the financial institutions
so the iraq war and the afghanistan war. the other thing is this downturn in the economy. the downturn in the economy occurred in 2008. how did it happen, why did we have that crash of the american economy? we had it because the federal government stepped back from regulating the financial institutions, allowing them to run wild, assuming that they would be smart enough to regulate themselves. that didn't happen. they were smart enough to be extraordinarily greedy. wall street went on a greed...
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Jul 20, 2011
07/11
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but i did want to bring up a couple of instances where i've had clients who were fighting in afghanistan at the same time they were fighting wells fargo on mainland because wells fargo refuse to accept their allotment pay, even though they were current. i've received e-mails from singapore from a gentleman with top-secret clearance who was current in his mortgage, and he was still being turned over to an attorney to proceed with mortgage foreclosure proceedings. this gentleman eventually was going to lose his home because he could not handle the stress of being on the job near singapore as well as having his home lost for his family and his children. this automatically as going to affect the morale of the military service, the military lending act does not at all protect our veterans, and it also does not protect other citizens who should be protected by these unregulated or under regulated aggressively marketed, high interest loan products. thank you. >> thank you, ms. drysdale. mr. pincus, you may proceed. >> thank you, mr. chairman and members of the committee. it is an honor to testi
but i did want to bring up a couple of instances where i've had clients who were fighting in afghanistan at the same time they were fighting wells fargo on mainland because wells fargo refuse to accept their allotment pay, even though they were current. i've received e-mails from singapore from a gentleman with top-secret clearance who was current in his mortgage, and he was still being turned over to an attorney to proceed with mortgage foreclosure proceedings. this gentleman eventually was...